Report Summary - The report presents the top ten convertible bonds in February 2026, along with detailed information about the issuing companies, including their business scope, financial data, and key attractions [1][6]. Top Ten Convertible Bonds in February 2026 1. Zhongte Convertible Bond - Rating: AAA; 1 - end closing price: 128.153 yuan; conversion premium rate: 73.5%; PE - TTM of the underlying stock: 14.75 [1][8]. - Company: A global leader in special - steel manufacturing with an annual production capacity of about 20 million tons. It has a complete industrial chain and multiple production bases [13]. - Financials: In 2024, revenue was 109.203 billion yuan (-4.22% yoy), net profit attributable to shareholders was 5.126 billion yuan (-10.41% yoy). In the first three quarters of 2025, revenue was 81.206 billion yuan (-2.75% yoy), net profit attributable to shareholders was 4.33 billion yuan (+12.88% yoy) [13]. - Highlights: It is one of the world's most comprehensive special - steel enterprises, with high market shares in core products. It has strong cost - control and is seeking external expansion [14]. 2. Shanlu Convertible Bond - Rating: AAA; 1 - end closing price: 128.472 yuan; conversion premium rate: 54.45%; PE - TTM of the underlying stock: 4.32 [6][8]. - Company: Focused on road and bridge construction and maintenance, and expanding into other fields. It has a complete business system [31]. - Financials: In 2024, revenue was 71.348 billion yuan (-2.3% yoy), net profit attributable to shareholders was 2.322 billion yuan (+1.47% yoy). In the first three quarters of 2025, revenue was 41.354 billion yuan (-3.11% yoy), net profit attributable to shareholders was 1.41 billion yuan (-3.27% yoy) [31]. - Highlights: It has the "China Special Valuation" concept, and its balance sheet and potential orders may improve. It may benefit from infrastructure plans in Shandong and the Belt and Road Initiative [32]. 3. Hebang Convertible Bond - Rating: AA; 1 - end closing price: 153.399 yuan; conversion premium rate: 21.26%; PE - TTM of the underlying stock: -230.95 [6][8]. - Company: With a diversified business layout in chemicals, agriculture, and photovoltaics, it has expanded from a single - product business [44]. - Financials: In 2024, revenue was 8.547 billion yuan (-3.13% yoy), net profit attributable to shareholders was 31 million yuan (-97.55% yoy). In the first three quarters of 2025, revenue was 5.927 billion yuan (-13.02% yoy), net profit attributable to shareholders was 93 million yuan (-57.93% yoy) [44]. - Highlights: Its liquid methionine production has high profitability and is a major profit contributor [47]. 4. Huayuan Convertible Bond - Rating: AA -; 1 - end closing price: 145.282 yuan; conversion premium rate: 9.47%; PE - TTM of the underlying stock: 32.14 [6][8]. - Company: Focused on building a complete vitamin D3 industrial chain, with products in the vitamin and pharmaceutical sectors [58]. - Financials: In 2024, revenue was 1.243 billion yuan (+13.58% yoy), net profit attributable to shareholders was 309 million yuan (+60.76% yoy). In the first three quarters of 2025, revenue was 936 million yuan (-0.2% yoy), net profit attributable to shareholders was 234 million yuan (-3.07% yoy) [58]. - Highlights: It is a leader in certain products, and is expanding its product portfolio and has achievements in pharmaceutical R & D [59]. 5. Xingye Convertible Bond - Rating: AAA; 1 - end closing price: 123.691 yuan; conversion premium rate: 40.16%; PE - TTM of the underlying stock: 5.11 [6][8]. - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [72]. - Financials: In 2024, revenue was 212.226 billion yuan (+0.66% yoy), net profit attributable to shareholders was 77.205 billion yuan (+0.12% yoy). In the first three quarters of 2025, revenue was 161.234 billion yuan (-1.82% yoy), net profit attributable to shareholders was 63.083 billion yuan (+0.12% yoy) [72]. - Highlights: It has stable asset quality and scale growth, with a large customer base [73]. 6. Aima Convertible Bond - Rating: AA; 1 - end closing price: 126.979 yuan; conversion premium rate: 60.87%; PE - TTM of the underlying stock: 10.97 [6][8]. - Company: The leading enterprise in the electric two - wheeler industry, with self - developed and produced products [82]. - Financials: In 2024, revenue was 21.606 billion yuan (+2.71% yoy), net profit attributable to shareholders was 1.988 billion yuan (+5.68% yoy). In the first three quarters of 2025, revenue was 21.093 billion yuan (+20.78% yoy), net profit attributable to shareholders was 1.907 billion yuan (+22.78% yoy) [82]. - Highlights: It may benefit from government subsidies and the implementation of new national standards, and has potential for improving gross margin [83]. 7. Chongyin Convertible Bond - Rating: AAA; 1 - end closing price: 128.332 yuan; conversion premium rate: 16.22%; PE - TTM of the underlying stock: 6.55 [6][8]. - Company: An early - established local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [92]. - Financials: In 2024, revenue was 13.679 billion yuan (+3.54% yoy), net profit attributable to shareholders was 5.117 billion yuan (+3.8% yoy). In the first three quarters of 2025, revenue was 11.74 billion yuan (+10.4% yoy), net profit attributable to shareholders was 4.879 billion yuan (+10.19% yoy) [92]. - Highlights: It may benefit from the development of the Chengdu - Chongqing economic circle, has stable asset growth, and has a good risk - control strategy [93][96]. 8. Tianye Convertible Bond - Rating: AA+; 1 - end closing price: 141.695 yuan; conversion premium rate: 26.15%; PE - TTM of the underlying stock: 163.89 [6][8]. - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [105]. - Financials: In 2024, revenue was 11.156 billion yuan (-2.7% yoy), net profit attributable to shareholders was 68 million yuan (+108.83% yoy). In the first three quarters of 2025, revenue was 7.97 billion yuan (+2.2% yoy), net profit attributable to shareholders was 7 million yuan (-28.79% yoy) [105]. - Highlights: It benefits from cost - reduction in raw materials and plans to increase dividend frequency, and its group is promoting coal - mine projects [107]. 9. Aorui Convertible Bond - Rating: AA -; 1 - end closing price: 160.557 yuan; conversion premium rate: 39.57%; PE - TTM of the underlying stock: 27.45 [6][8]. - Company: Focused on the R & D, production, and sales of complex APIs and formulations, leading in certain technical fields [120]. - Financials: In 2024, revenue was 1.476 billion yuan (+16.89% yoy), net profit attributable to shareholders was 355 million yuan (+22.59% yoy). In the first three quarters of 2025, revenue was 1.237 billion yuan (+13.67% yoy), net profit attributable to shareholders was 354 million yuan (+24.58% yoy) [120]. - Highlights: It is optimizing its distribution network, expanding the market for its formulation products, and has high - quality customer resources [121]. 10. Yushui Convertible Bond - Rating: AAA; 1 - end closing price: 128.343 yuan; conversion premium rate: 35.36%; PE - TTM of the underlying stock: 26.26 [6][8]. - Company: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [134]. - Financials: In 2024, revenue was 6.999 billion yuan (-3.52% yoy), net profit attributable to shareholders was 785 million yuan (-27.88% yoy). In the first three quarters of 2025, revenue was 5.568 billion yuan (+7.21% yoy), net profit attributable to shareholders was 779 million yuan (+7.1% yoy) [134]. - Highlights: It has a high market share, is expanding its business scope, and has achieved cost - control through intelligent applications [135]. Related Reports - "Pricing of Naipu Convertible Bond 02: First - day conversion premium rate of 28% - 33%", released on January 27, 2026 [3]. - "Pricing of Shangtai Convertible Bond: First - day conversion premium rate of 40% - 45%", released on January 27, 2026 [3]. - "Pricing of Lianrui Convertible Bond: First - day conversion premium rate of 43% - 48%", released on January 15, 2026 [3]. - "Outlook for US Inflation in 2026: High at first, then low, overall controllable", released on January 12, 2026 [3].

Market Overview - On February 2, the city commercial bank sector declined by 0.3% compared to the previous trading day, with Qilu Bank leading the decline [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Bank Performance - Shanghai Bank (601229) closed at 66.6, up 1.62% with a trading volume of 821,000 shares and a transaction value of 776 million [1] - Beijing Bank (601169) closed at 5.35, up 0.94% with a trading volume of 2.4269 million shares and a transaction value of 1.304 billion [1] - Nanjing Bank (6001009) closed at 10.62, up 0.85% with a trading volume of 844,400 shares and a transaction value of 902 million [1] - Qilu Bank (601665) closed at 5.73, down 1.55% with a trading volume of 715,600 shares and a transaction value of 415 million [2] - Hangzhou Bank (600926) closed at 15.92, down 1.49% with a trading volume of 521,800 shares and a transaction value of 840 million [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 17.93 million from institutional investors, while retail investors experienced a net outflow of 157.95 million [2] - Major banks like Shanghai Bank and Jiangsu Bank had significant net inflows from institutional investors, with Shanghai Bank receiving 71.52 million, accounting for 9.22% of its total [3] - Conversely, retail investors showed a notable outflow from several banks, including Beijing Bank, which saw a retail net outflow of 64.17 million, representing 4.92% [3]

股 票 研 究 股票研究 /[Table_Date] 2026.02.01 战略投资者拟扩围，利好银行长期资本补充 [Table_Industry] 商业银行 本报告导读： 证监会拟扩大可参与定增的战略投资者类型，并明确最低持股比例要求，利好上市 银行长期资本补充、金融机构合作深化，以及银行理财多元资产投资转型。 投资要点： [Table_Report] 相关报告 商业银行《银行快报陆续披露，25A 业绩稳健增 长》2026.01.25 商业银行《全年增量 3.34 万亿元，公募基金配置 占比提升 2.1pct 至 5.1%》2026.01.25 商业银行《国有大行投放力度较大，不良压力或 企稳》2026.01.23 商业银行《主动基金环比持平，被动基金增持》 2026.01.23 商业银行《利息净收入增速转正，业绩延续改善 趋势》2026.01.19 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 银行周报（2026/1/26-2026/1/30） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析 ...

重庆银行股份有限公司 首次公开发行部分限售股上市流通公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性依法承担法律责任。 证券代码：601963 证券简称：重庆银行 公告编号：2026-004 重要内容提示： 可转债代码：113056 可转债简称：重银转债 ● 本次股票上市类型为首发股份；股票认购方式为网下，上市股数为3,463,381股。 登录新浪财经APP 搜索【信披】查看更多考评等级 本次股票上市流通总数为3,463,381股。 ● 本次股票上市流通日期为2026年2月5日。 一、本次限售股上市类型 经中国证券监督管理委员会《关于核准重庆银行股份有限公司首次公开发行股票的批复》（证监许可 〔2020〕3511号）核准，本行向社会首次公开发行人民币普通股（A股）股票347,450,534股，并于2021 年2月5日在上海证券交易所挂牌上市。 首次公开发行股票后，本行总股本为3,474,505,339股，其中：有限售条件A股股份为1,548,033,993股， 无限售条件A股股份为347,450,534股，H股股份为1,579,020,8 ...

MACD金叉信号形成，这些股涨势不错！ 中访网数据 重庆银行股份有限公司（股票代码：601963）发布公告，其首次公开发行A股的部分限售股 即将解除限售并上市流通。本次上市流通的限售股数量为3,463,381股，共涉及222名股东，主要为该行 首次公开发行前的内部职工股股东。该部分股份的锁定期为自公司A股股票于2021年2月5日在上海证券 交易所上市之日起60个月，将于2026年2月5日锁定期届满并上市流通。本次限售股解禁后，重庆银行的 无限售条件流通A股股份将增加至约18.83亿股，公司总股本保持不变，仍为约34.75亿股。公告指出， 相关股东已严格履行其在首次公开发行时作出的股份锁定承诺。保荐机构招商证券股份有限公司经核查 后，对本次限售股份解禁上市流通事项无异议。本次限售股上市流通不会导致公司控股股东及实际控制 人发生变化。 ...

重庆银行（601963）(01963)公布，约346.34万股A股限售股将于2026年2月5日上市流通。 ...

（股份代號：1963） 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BANK OF CHONGQING CO., LTD.* 重慶銀行股份有限公司* （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 本公告乃重慶銀行股份有限公司*（「本行」）根據香港聯合交易所有限公司證券上市規則第 13.10B條而作出。 茲載列本行在上海證券交易所網站刊發之《招商證券股份有限公司關於重慶銀行股份有限 公司首次公開發行部分限售股解禁上市流通的核查意見》，僅供參閱。 代表董事會 重慶銀行股份有限公司* * 本行經中國銀行業監督管理機構批准持有B0206H250000001號金融許可證，並經重慶市市 場監督管理局核准領取統一社會信用代碼為91500000202869177Y號的企業法人營業執照。 本行根據香港銀行業條例（香港法例第155章）並非一家認可機構，並非受限於香港金融管 理局的監督，及不獲授權在香港經營銀行及╱或 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BANK OF CHONGQING CO., LTD.* 重慶銀行股份有限公司* （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：1963） 海外監管公告 本公告乃重慶銀行股份有限公司*（「本行」）根據香港聯合交易所有限公司證券上市規則第 13.10B條而作出。 茲載列本行在上海證券交易所網站刊發之《首次公開發行部分限售股上市流通公告》，僅 供參閱。 代表董事會 重慶銀行股份有限公司* 证券代码：601963 证券简称：重庆银行 公告编号：2026-004 可转债代码：113056 可转债简称：重银转债 重庆银行股份有限公司 首次公开发行部分限售股上市流通公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 董事長 楊秀明 中國重慶，2026年1月29日 ...

以上理财产品信息仅供参考，具体应以《产品说明书》等销售文件为准。本文不构成任何投资建议，投 资者据此操作，风险自担。 1月29日，据重庆银行（601963）披露，该行发行的长江·聚惠公募净值型封闭式点金产品2026年第2期 募集期为2026年1月29日到2026年2月5日，投资者认购起点金额为1万元，计划发行量5亿元。产品为固 定收益类，风险评级为中低风险，产品期限为1096天，业绩比较基准为2.50%～3.20%（年化）。 注：业绩比较基准不是预期收益率，不代表产品的未来表现和实际收益，不构成对产品收益的承诺。 ...

招商证券股份有限公司 关于重庆银行股份有限公司 首次公开发行部分限售股解禁上市流通的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为重庆 银行股份有限公司（以下简称"重庆银行"或"发行人"）首次公开发行 A 股股 票的持续督导机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所 股票上市规则》及《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》等有关法律法规规定，对重庆银行首次公开发行股票部分限售股解禁上市流 通事项进行了认真、审慎的核查，发表核查意见如下： 一、重庆银行首次公开发行股票和股本情况 经中国证券监督管理委员会《关于核准重庆银行股份有限公司首次公开发行 股票的批复》（证监许可〔2020〕3511 号）核准，重庆银行向社会首次公开发行 人民币普通股（A 股）股票 347,450,534 股，并于 2021 年 2 月 5 日在上海证券交 易所挂牌上市。 首次公开发行股票后，重庆银行总股本为 3,474,505,339 股，其中：有限售条 件 A 股股份为 1,548,033,993 股，无限售条件 A 股股份为 347,450,534 股，H 股 股份为 ...